Indonesia's state-linked Tambang Timah, the world's largest integrated tin producer, expects its refined tin sales volume to reach 50,000 metric tons this year, up from an estimate of 45,000 tons, company corporate secretary Prasetyo Saksono said June 21.
The company has sold 28,000 metric tons of refined tin in the year to date, above the firm's original estimate of first half sales of 24,000 tons, Saksono said. He added that the company now expected the average price of refined tin to reach $14,000 per metric ton this year, up from its earlier projection of $13,000. Last year, the price of tin averaged $8,844 per ton, up from $7,506 per ton in 2005.
Tin is expected to fetch record prices this year because of a regulatory clampdown on illegal tin miners and smelters in Indonesia, which is the world's second biggest supplier of the metal. Indonesia began closing down unregistered tin operators last year and implemented stricter export regulations in February that require firms to register for clearance. Experts estimate Indonesia's supply could fall by about 30,000 tons in 2007 as firms comply with the new rules.
Tambang Timah is one of the few firms to have obtained clearance under the new regulations.
Copyright Agence France-Presse, 2006